Hi,(posted 8279 days ago)Took my mortgage out in 1993, never missed or been late with a payment.
2 years ago I emigrated to Canada, at that time I took on the services of a managing agent who placed a tennant in the property. 6 months ago, the tennant left and the property has been empty since. I've continued to make payments, but my money has now run out. The managing agent has said that the property is in very good condition, but wasn't hopefully of getting a tennant in the short term.
I was injured and no longer work, though I am hopefully that at somepoint I'll be able to go back to work and do some light duties. The building society (yorkshire) don't know that I'm no longer living in the UK, nor do they know I've been renting the property out (I didn't want to pay the additional 1.5 % they wanted to put on the mortgage payments). As far as they are concerned I am still living in the property.
I've just had the property valued, it came back at 17,000 (GBP), Outstanding mortgage is 29,000 (GBP) - yes, it's depreciated 12,000 over 8 years....... (I had it valued just before I emigrated and it was valued at 18,000 then).
So, the short of the matter is that I can no longer pay my mortgage payments, and if I try and sell the property the BS will be looking to me for 12,000 which I don't have (I have no savings or anything).
My next mortgage payment is in September, I will not have enough money in my account to cover it, so I am going to have to cancel the standing order.
Could someone please offer some advice on what might be my best solution to this?. I know I'm responsible for my debt, but being in a different country with no other UK assets (other than my pension, which I guess they cannot touch) it just seems to be to easy to walk away from it.
Regards Howard.